EUR/USD firmer, 1.3580 on sight

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The single currency keeps pushing higher on Friday, lifting the EUR/USD to print session highs in the 1.3675/80 region.



EUR/USD propped up by CPI data



Consumer prices in line with expectations in Germany and Italy are currently bolstering today’s EUR upside, while market participants are expecting EMU’s Employment Change data and Trade Balance figures. In the opinion of Quek Ser Leang, Market Strategist at UOB Group, “While EUR tested the lower boundary of the expected range at 1.3515 (low of 1.3511), the rebound from the low was stronger than expected. However, the current price action continues to suggest further sideway consolidation albeit at a slightly higher ranger. Expect 1.3530/1.3585 range for today”.



EUR/USD levels to watch



As of writing the pair is up 0.16% at 1.3575 with the next resistance at 1.3592 (10-d MA) followed by 1.3602 (high Jun.10) and then 1.3623 (21-d MA). On the downside, a break below 1.3512 (low Jun.12) would open the door to 1.3503 (low Jun.5) and finally 1.3482 (low Feb.6).



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